Depletion – the missing demand element?

From Petroleum Review – Editorial – September 2004:

“In the case of the International Energy Agency (IEA), which is ultimately charged with sharing out available oil supplies (stocks) in the event of a major shortfall, we find that it is publicly reluctant to even mention the impact of depletion. Is this the reason, or part of the reason, that demand has been revised upwards nearly every month this year?”
http://www.energyinst.org.uk/index.cfm?PageID=952